4 Ways Congress Could Make Filing Your Taxes Way Easier
Income taxes in the United States have become incredibly complex. That's why tax advisors like myself spend our days guiding people through the murky waters of their own tax returns. But while everybody agrees that the tax code could use some simplifying, few agree on just how it should be done. Here are some proposals that lawmakers have developed over the last few years to declutter our tax code.
One of the biggest decisions that taxpayers make each year is whether to take the standard deduction or to try itemizing. Itemized deductions are the ones that you can't take if you also take the standard deduction, and they include such common deductions as medical expenses, mortgage interest, and state and local taxes. The GOP has suggested getting rid of itemizing in its recent tax reform proposals, although these plans leave in certain itemized deductions, namely, the charitable contributions deduction and the mortgage interest deduction.
Image source: Getty Images.
Source: Fool.com
